Used primarily in pharmaceutical research and development, this compound serves as a key intermediate in synthesizing biologically active molecules. It is particularly valuable in the creation of kinase inhibitors, which are important in the treatment of cancers and inflammatory diseases. Its structure allows for easy modification, making it useful in optimizing drug candidates for improved potency and selectivity. Additionally, it has been explored in the development of central nervous system agents due to its ability to cross the blood-brain barrier. In agrochemical research, derivatives of this compound contribute to the design of new pesticides with enhanced activity and environmental safety. Its versatility in forming stable complexes with metal ions also supports its use in catalysis during synthetic processes.